Binance supports the WOO network with a strategic investment of $12 million


Binance is the largest trading platform in terms of trading volume within the crypto industry. With its user-friendly interface, the exchange has over 20 million users. Additionally, the platform supports multiple cryptocurrencies that would add value to an investor’s portfolio.

In the transition to improved performance and services for customers, Binance has made a strategic investment of $12 million through its venture capital arm. The investment is made in a liquidity platform, WOO Network. This liquidity platform connects users to exchanges, DeFi networks, and other institutions.

Binance Labs, which launched in 2017, has developed strong relationships through early-stage investments in several companies.

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Some include DoraHacks, the hackathon organizer, and LayerZero, an interoperability startup. Binance has also participated in larger fundraising rounds, such as the $10 million Series C fundraising round for Figment, a crypto staking company. Thoma Bravo led this fundraising project.

In a press release, Binance Labs Investment Director Peter Huo has outlined his reactions to the company’s investment. First, he acknowledged WOO Network’s remarkable impact on the entire crypto ecosystem with its features and functions. He also mentioned the network’s provision of fee-free trading through on-chain and off-chain and deep liquidity.

In addition, Huo expressed his company’s enthusiasm through its long-lasting relationship expansion. The director of Binance commented that the company is using the investment to further explore its collaborations.

Binance invests in WOO due to impressive growth

WOO Network provides liquidity to over 40 exchanges, institutions, wallets, trading teams and other DeFi applications as a liquidity platform. In addition, the network offers some outstanding products such as WOO Trade and WOO X.

Binance supports the WOO network with a strategic investment of $12 million
WOO down 6% in last 24 hours | Source: WOOUSDT on TradingView.com

The WOO Trade is a platform that institutional investors use for their crypto transactions. On the other hand, WOO X focuses on retail by combining deep liquidity and fee-free trading.

WOO Network services for providing liquidity on Binance Smart Chain began last year with the launch of WOOFi Swap. The WOOFi Swap leverages both the institution’s market-making technique and the network’s liquidity to reduce slippage and improve pricing.

Additionally, other decentralized protocols get their liquidity supply from WOO Network. These DeFi projects include Matcha, DYDX, DODO, ParaSwap and 1 inch.

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The WOO Network’s November 2021 Series A fundraising round ended with a whopping $30 million. The fund brings in investments from Bit Torrent, Avalanche, Three Arrows Capital and Crypto.com.

According to CoinGecko, WOO tokens have seen a 10% price drop in the last 24 hours. Also, the network recently recorded a market cap of about $1 billion.

Featured image from Binance, Charts from TradingView.com
Binance supports the WOO network with a strategic investment of $12 million

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